Adding name to property

[Bojio]

Need some pointers and advice...
Alone bought a unit 2yrs ago. TOP soon and i will like to add another name to the property. I will still service the loan,but just wanting to add one more name as an owner, just in case i.......not around anymore..
Is this arrangement advisable and any idea how to go about it?

[mygeemeel]

If you worry you something untoward then buy an insurance which will cover the rest of loan and draw up a will. Don't need to add name in the prop. If i can afford mortgage, i rather just have my own name.

Unless your PRC girlfriend insist you add her name. different story.

[KarenK]

Need some pointers and advice...
Alone bought a unit 2yrs ago. TOP soon and i will like to add another name to the property. I will still service the loan,but just wanting to add one more name as an owner, just in case i.......not around anymore..
Is this arrangement advisable and any idea how to go about it?

add name means u need to pay lawyer to do another mortgage and also get your Bank's consent to add in the name. pay bank processing fees. however the other potential owner has to be aware that he/she is also liable for your bank loan in the event of default even though he/she is not the borrower. the mortgagor is also liable for the loan as the mortgage document also acts as a personal guarantee.

[ysyap]

Lawyers can do everything for you. Just pay them. Charges differ lawyers to lawyers. But I suspect you can do it within $1500.

[taggy]

Lawyers can do everything for you. Just pay them. Charges differ lawyers to lawyers. But I suspect you can do it within $1500.

this is not same as selling portion of the property to the 2nd person ? no stamp duty involve ?

[DaytonaSS]

Need some pointers and advice...
Alone bought a unit 2yrs ago. TOP soon and i will like to add another name to the property. I will still service the loan,but just wanting to add one more name as an owner, just in case i.......not around anymore..
Is this arrangement advisable and any idea how to go about it?

I have ask this qn b4. It's consider selling n buying again. Thus , u need to pay stamp duty n kanna 4 yr SSD. As for loan, it's redeem n reapply. Kana penalty If within lockin period

[kingkong1984]

Now u add name....

Now u remove name...

Now u still have to pay SSD...

hahaha... cannot escape SSD.

[Laguna]

U need to pay stamp duty...but I am not sure how much to pay if it is tenancy in commone. If joint tenancy, it will be consider a sale....and SSD may kick in

A more effective and cost saving way is by way of will....as u can change name any time and very cheap

[devilplate]

U need to pay stamp duty...but I am not sure how much to pay if it is tenancy in commone. If joint tenancy, it will be consider a sale....and SSD may kick in

A more effective and cost saving way is by way of will....as u can change name any time and very cheap

i believe stamp duty is based on the % share for tenancy in common

WILL definitely best best BUT the other party may feel insecure lah.....

sometimes its not all about $$$/cost saving.......its about using $$ to buy intangible benefits

[EBD]

If you worry you something untoward then buy an insurance which will cover the rest of loan and draw up a will. Don't need to add name in the prop. If i can afford mortgage, i rather just have my own name.

Unless your PRC girlfriend insist you add her name. different story.

Yup, then dump the money grubbing hag

Will plus life insurace is key. Suprising how many people don't make will's considering the inevitability of our deaths.

[devilplate]

Yup, then dump the money grubbing hag

Will plus life insurace is key. Suprising how many people don't make will's considering the inevitability of our deaths.

WILL is vy useful for exclusion purposes as well.

yes, insurance is super impt......u definitely dun wish ur loved ones to inherit a LIABILITY instead